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Nsel News Ma ISSUE The Newsletter of National Spot Exchange Limited (NSEL) 04 JUNE 2016 - Y NSEL NEWS MA C O N T E N T S From the CEO’s Desk Page - 02-03 Dear Esteemed Stakeholders and Readers, INFOCUS Welcome to the fourth issue of our newsletter - NSEL NEWS. We believe that it RECOVERY UPDATE is our prime duty to keep you updated on the progress of recovery and ongoing litigation against the defaulters and the relentless efforts put by our recovery and legal team in this regard. We continue with our journey with full commitment towards making recovery from the defaulters by following the due course of law. Page - 04 On 29th April 2016, Shri Arun Jaitley, Union Minister of Finance and Corporate SNAPSHOT - RECOVERY Affairs, said in a written reply to Lok Sabha question “The Centre has directed market regulator SEBI to "examine" and "take necessary action" against defaulting brokers in the Rs. 5,574 crore NSEL scam. Also, the Special Team of Secretaries at their regular review meeting highlighted the SEBI action on brokers and asked to expedite the necessary action under law. Followed by the Hon’ble High Court Committee which had recommended audit of leading Page - 05 brokerage firms in its interim report no. 7, SEBI has also initiated much awaited action on brokers by appointing auditors for audit of five brokerage houses SNAPSHOT - LITIGATIONS with respect to a slew of complaints received against them from their trading clients. As per news reports, a Delhi-based businessman Vishvanidhi Dalmia, has filed a recovery suit in the Bombay High Court against his brokerage firm India Infoline Ltd and its four officials including Chairman Nirmal Jain. We shall not Page - 06 be surprised if more such complaints and actions are taken by the trading clients against their brokers in the coming days, in view of the large scale DEFAULTERS WHO HAVE alleged malpractices indulged into by the brokers. TO RETURN MONEY We urge all of you to join the sustained battle against the defaulters. With your cooperation and assistance, NSEL will be able to devise an effective strategy for speedy recovery from the defaulters. We once again urge the victims not to allow themselves to be used by the unholy designs and vested interests who Page - 07 are running a covert agenda of demolishing NSEL and its promoter. NSEL NEWS is a platform for all of us to stay connected with regular updates NEWS HIGHLIGHTS and for a joint action against defaulters for recovery. We would be eager to have your feedback and suggestions about the newsletter. Do write to us on [email protected] Best Regards If you have any information about DEFAULTERS (Their whereabouts, New Business Ventures, Financial Dealings...) Prakash Chaturvedi SHARE WITH US! Chief Executive Officer Write to us on National Spot Exchange Ltd. (NSEL) [email protected] For private circulation only INFOCUS RECOVERY UPDATE THE NSEL RECOVERY UPDATE • NSEL has already secured recoveries amounting to Rs. 1233.02 Crore by way of decree on admission against 5 defaulters and through injunctions from a total of 18 defaulters with outstanding of Rs. 4515.93 Crore. • The Economic Offences Wing (EOW), Mumbai Police has attached assets worth around Rs. 5000 Crore of defaulting trading members. • The Enforcement Directorate (ED) has attached assets worth around Rs. 800 Crore of the defaulting trading members. • It is pertinent to note that out of 24 defaulting trading members 2 trading members with original outstanding of Rs. 195.75 Crore have almost cleared their dues. • NSEL has disbursed amount of Rs. 542.99 Crore to trading brokers, which includes a without prejudice loan from Financial Technologies India Limited (FTIL) to be paid to the smaller trading clients. • NSEL has settled the e-Series contracts outstanding upto 98.48 % by disbursing Rs. 298.52 Crore to the approx. 40000 e-Series unit holders directly to their bank accounts. • NSEL has additionally recovered Rs 34.98 Crore as available in its escrow account/ Competent Authority/ Court for distribution after order from High Court Committee (HCC). • There is an additional amount of Rs.10 Crores paid by N K Proteins in the MPID Court as security for granting bail to Mr. Nimish Patel. NSEL has made an application in MPID Court to transfer this amount to NSEL escrow account. • So total amount available for distribution is Rs. 44.98 Crore and would be disbursed to the genuine trading clients after relevant orders. RECOVERY ACTIONS AGAINST DEFAULTERS Based on relentless single-handed recovery efforts by NSEL from the defaulters: Mohan India: The Hon’ble Special MPID Court had directed the sale of properties of Mohan India Group namely Delhi Civil Lines and Bikaner Land. The Court has appointed Knight Frank India as a global consultant to bring in quality buyers. As per MPID directions Competent Authority has republished the sale notice on 8th June 2016 with certain modified terms and conditions. Aastha Alloys: The Hon’ble Bombay High Court on 03/02/16 has directed the defaulter Aastha Group to deposit Rs. 157.50 Crore subject to any already deposited amount, within four weeks against their admission of liability. The appeal filed by Aastha Group against the Order of decree on admission passed by the Single Judge was dismissed by the Hon’ble Bombay High Court. Also the Hon’ble Special MPID Court has directed the Competent Authority for sale of shares in Mohit Agarwal and Shilpa Agarwal’s Demat accounts of Aastha Group. Swastik Overseas: The Hon’ble Special MPID Court had ordered the Competent Authority to begin the auction procedure for residential & commercial properties of Swastik Overseas Corporation in Ahmedabad. Accordingly, the Competent Authority has issued a public notice for sale of the properties of Swastik Overseas Corporation on 8th June 2016. Also Bharat Bio Gas (debtor of Swastik Overseas) has given proposal to repay Rs 1.89 Crs in High Court Committee. ARK Imports: The Hon’ble MPID Court has directed the Competent Authority to fetch the valuation and proceed with sale of ARK Import’s 11 properties. Page 02 NSEL NEWS | May-June 2016 www.nationalspotexchange.com INFOCUS RECOVERY UPDATE Shree Radhey Trading: Ramesh Nagpal of Shree Radhey Trading has been arrested by EOW and was granted bail by MPID Court on the conditions of him making FDR of Rs. 29 Lakh in Competent Authority's account within 10 days, and depositing Rs. 25 Lakh every quarterly in Competent Authority’s account. Further the Hon’ble Special MPID Court has ordered the Competent Authority to begin the auction procedure for red chilly and black pepper of Shree Radhey Trading in Saharanpur. Accordingly, the Competent Authority has issued a public notice for sale of red chilly and black pepper of Shree Radhey Trading. Metkore Alloys and Industries: The Hon’ble Special MPID Court has ordered the Competent Authority to begin the auction procedure for ferrochrome of Metkore Alloys and Industries in Tekkali. As per directions from the Hon’ble Special MPID Court, the Competent Authority has issued a public notice for sale of ferrochrome. Further, -the Hon’ble Special MPID Court has directed the SBI to proceed with the sale of the properties of Metkore Alloys which were pending for sale, only after complete intimation to the Competent Authority. The sale proceeds were directed to be deposited in a no lien interest bearing A/c with intimation of the auction and sale proceeds and action of the SBI in respect of the same to the Competent Authority. Yathuri Associates: The Hob’ble HCC has recommended that the Competent Authority to sell approx. 863 bags of sugar of Yathuri Associates. By Order dated March 10, 2016, Hon’ble Bombay High Court has accepted the recommendation of the Hon’ble HCC. NCS Sugars: The Hon’ble Special MPID Court has ordered the Competent Authority to begin the auction procedure for the residential & commercial properties of NCS Sugars Pvt. Ltd. Lotus Refineries: As per MPID Court directions Competent Authority has transferred Rs 16.10 crs from the attached bank accounts of Lotus Refineries to the Competent Authorities bank account Bank Account of Defaulters: Hon’ble Special MPID Court has directed the Competent Authority to transfer the amounts from the attached bank accounts of the following defaulters to the Competent Authority’s Bank account - Aastha Minmet, Juggernaut Projects, Yathuri Associates, Metkore Alloys, MSR Foods, ARK Imports, Shree Radhey Trading, Swastik Overseas, Mohan India, Tavishi Enterprises, NCS Sugars, and Lotus Refineries Violation of bail condition by defaulters as on 31.05.16 Amount Amount Shortfall Bail order payable as per paid till in bail Defaulter date bail condition 30.05.16 condition Remarks Rajesh Mehta 09-07-14 75 crs 2.64 crs 72.36 crs Cancellation of Bail Application Swatik Overseas is pending in MPID Court. Gagan Suri 10-11-14 271 crs 6 crs 265 crs Cancellation of Bail Application Yathuri Associates is pending in MPID Court. Shilpa Agarwal 12-08-14 11 crs 1.02 crs* + 9.49 crs Cancellation of Bail Application Aastha Minmet 0.49 crs is pending in MPID Court. TMT auction** 1.51 crs 2.80 crs Nageshwara Rao 11-09-14 11 crs 24 lacs 8.20 crs Cancellation of Bail Application NCS Sugars is pending in MPID Court. Ranjeev Agarwal 10-11-14 36 lacs 12 lacs Cancellation of Bail Application Primezone / is pending in MPID Court. PD Agroprocessor * Paid by: Aastha 0.75 crs; Debtors- Shree Venkateshwara Rs 6,32,407, Bagalkot Cement Rs 9,00,699, Rayen Steel Rs 12,00,000 ** TMT auction amount is with CA Page www.nationalspotexchange.com NSEL NEWS | May-June 2016 03 SNAPSHOT-RECOVERY Amount in Rs.
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